State of Wyoming Sells 7,493 Shares of Tower Semiconductor Ltd. $TSEM

State of Wyoming lessened its holdings in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) by 48.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 7,956 shares of the semiconductor company’s stock after selling 7,493 shares during the period. State of Wyoming’s holdings in Tower Semiconductor were worth $1,809,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in TSEM. Versant Capital Management Inc increased its position in shares of Tower Semiconductor by 20.8% during the third quarter. Versant Capital Management Inc now owns 319 shares of the semiconductor company’s stock valued at $73,000 after purchasing an additional 55 shares during the period. Sterling Capital Management LLC bought a new position in Tower Semiconductor in the third quarter worth $75,000. TD Waterhouse Canada Inc. boosted its stake in Tower Semiconductor by 230.7% during the second quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company’s stock worth $82,000 after buying an additional 233 shares in the last quarter. Pinnacle Wealth Planning Services Inc. boosted its stake in Tower Semiconductor by 83.2% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 339 shares of the semiconductor company’s stock worth $77,000 after buying an additional 154 shares in the last quarter. Finally, Greenleaf Trust acquired a new stake in Tower Semiconductor during the second quarter worth $201,000. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Stock Down 11.4%

Shares of NASDAQ TSEM opened at $166.48 on Friday. The stock has a market cap of $18.72 billion, a PE ratio of 74.28 and a beta of 0.89. The business has a fifty day moving average of $212.65 and a two-hundred day moving average of $204.23. Tower Semiconductor Ltd. has a 52-week low of $80.63 and a 52-week high of $319.94. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.31 and a current ratio of 4.91.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.12. The business had revenue of $460.08 million for the quarter, compared to analyst estimates of $454.68 million. Tower Semiconductor had a net margin of 16.94% and a return on equity of 9.83%. The firm’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.41 EPS. As a group, equities research analysts expect that Tower Semiconductor Ltd. will post 3.56 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Russell Ellwanger sold 104,226 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the completion of the sale, the chief executive officer owned 526,788 shares of the company’s stock, valued at approximately $130,822,531.92. This trade represents a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Yoav Chelouche sold 232 shares of Tower Semiconductor stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the completion of the transaction, the director owned 33,734 shares of the company’s stock, valued at $7,254,834.04. This trade represents a 0.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 181,767 shares of company stock worth $45,610,065 over the last ninety days. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

TSEM has been the subject of a number of recent research reports. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, August 5th. Barclays initiated coverage on shares of Tower Semiconductor in a research report on Friday, September 18th. They set an “overweight” rating and a $310.00 target price on the stock. Mizuho began coverage on shares of Tower Semiconductor in a research report on Friday, September 25th. They set an “outperform” rating and a $300.00 target price on the stock. Bank of America started coverage on shares of Tower Semiconductor in a research note on Friday, August 7th. They issued a “buy” rating and a $367.00 target price on the stock. Finally, Weiss Ratings lowered shares of Tower Semiconductor from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Tower Semiconductor currently has a consensus rating of “Moderate Buy” and a consensus target price of $316.00.

Tower Semiconductor Profile

Tower Semiconductor Ltd. is an Israeli specialty semiconductor foundry that manufactures integrated circuits for fabless semiconductor companies, integrated device manufacturers and system companies. The company provides process technologies and production services rather than selling branded end-user electronics.

Its offerings include analog and mixed-signal technologies, radio-frequency and high-voltage circuits, power management solutions, image sensors, and specialty memory products.